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| Standard Chartered (SC) Bank Korea is offering special interest rates for those subscribing to MMDA products. Courtesy of SC Bank Korea |
By Yoon Ja-young
Standard Chartered (SC) Bank Korea is offering a special interest rate of up to 2.4 percent per year, before tax, to new customers who subscribe to its money market deposit accounts (MMDA) by Sept. 29.
According to the bank, account holders are eligible for the special rate up to 60 days from opening the account.
MMDAs are savings accounts where one can freely deposit and withdraw money, and the interest rate is adjusted depending on the daily balance of the account with higher deposits earning higher interest.
The special rate applies to new customers who subscribe to MMDAs at SC Bank Korea branches by Sept. 29, with a minimum deposit of 100 million won ($70,000) and maximum of 2 billion won. The special event will be closed before Sept. 29 if total subscriptions reach 100 billion won. If the balance of the account falls below 100 million won, standard rates will be applied. The standard interest rates are 1 percent for a balance of 100 million won or higher, 0.6 percent for balances starting from 50 million won, 0.3 percent for the balance starting from 30 million won and 0.1 percent for the balance of less than 30 million won.
The bank is also offering a special interest rate for corporate customers until the end of this month. New corporate subscribers to its "Prime Corporate Account" with at least 100 million won will be offered an interest rate of up to 2.2 percent for up to 60 days.
SC Bank Korea has been raising interest rates for savings since Sept. 1 following key rate hike. Its e-Green Save Deposit, a time deposit available only through mobile banking, has been offering up to 3.6 percent interest rate from Sept. 13. Customers can open the e-Green Save Deposit through the bank's mobile banking app, between 9 a.m. and 9 p.m. during weekdays. One can deposit between 1 million and 500 million won for each account, and one can also hold multiple accounts of this type.
"As both the economy and interest rates are facing huge volatility, products that offer a high interest rate for short term deposits are attracting customers' attention. The event will offer special opportunities for customers who want the benefits of a high interest rate for their fund operated on a short term plan," said Bae Soon-chang, head of the bank's savings products department.
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